Highlights

Mittal studied the business model of several multi-level marketing businesses, including Speak Asia.

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Cops say Mittal may not have realised the severity of his fraud.

Anubhav Mittal, the man behind one of the biggest internet scams in recent times and accused of swindling Rs 3,700 crore from over 6.5 lakh people, was a genius at mathematics who missed out on his dream of making it to an IIT.

According to the investigating officer in the Ponzi scam, Mittal was the All-India topper in the Math section of the Joint Entrance Exam but was unable to secure admission in an IIT due to a low Chemistry score. From here, started his journey towards building the biggest ponzi scheme in the country.

After failing to make it to the premier engineering institution, Mittal took admission in Skyline Institute of Engineering and Technology in Greater Noida. "It was here where he started weaving a web of his multi-level marketing business. While studying in the college he floated his company and his hostel room was first office from where he developed software," said a senior officer investigating the case.

STUDIED SPEAK ASIA MODEL

The officer claims that the initial years didn't bring him much money and he had an average lifestyle. But dreaming big, he started studying up on all the multi-level marketing business including Speak Asia, an online survey marketing company which sold web subscriptions and is also facing legal action now.

"Mittal examined the business model and tried to fix it in his own venture. In 2015, he hit gold when he came up with the idea of 'online barter system' and a web address, socialtrade.biz. Later to cover-up his ponzi scheme, Mittal brought the idea of 'trade in likes' to the investors. At no point he thought he will be caught and was in process of launching a merchandise company as its online retail venture and a social media networking platform," the officer said.

Cops claim that Mittal was confident about his business model but failed as he lacked legal advice. They said that the 26-yearold may not have realized the severity of fraud done by his business as he dealt in thousands of crores.

Officers said that the company did not maintain proper book of accounts. When officials running his companies were questioned, they revealed that they cannot say how much money came into the companies. They could also not disclose profit or loss made by the companies. Nor did they have any information about any outstanding loans.

Mittal had lived a modest life till 2015 but soon money started flowing in and his personal wealth grew exponentially. He owns three luxury sedans including an Audi. He also bought a lavish villa in Greater Noida and also owned a commercial property worth Rs 7 crore in Connaught Place in Delhi. Cops are still examining his wealth and bank accounts.

Officials say he had started withdrawing money from the accounts in 2016 when the number of his investors had increased.

Pictures of Mittal with bollywood celebrity like Sunny Leone and Amish Patel went viral on the social media but Mittal only roped them for promotion of his business and attract more investors.

Investigators claim that it took Mittal more than five years to become what he is today, a conman for officials and a Robin Hood for his investors. His social media pages filled with inspirational messages. For his fellow-students at a private engineering college, he was Phunsukh Wangdu, a genius fictional character played by Aamir Khan's in 3 Idiots.